JUNE 2014

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(Posted Wed. Jun 11th, 2014)

U.S. farmers remain on track to produce a record corn crop for the second consecutive year in 2014, according to U.S. Department of Agriculture projections released today. Very favorable early season crop and weather conditions offset planting delays in May, thus farmers are still expected to produce a record total corn crop of 13.9 billion bushels, slightly more than in 2013, with national average yields forecast to be 6.5 bushels per acre higher than last year at 165.3 bushels per acre.

“Corn farmers in the United States work tirelessly to produce the most abundant, highest quality crop possible in a sustainable manner. In 2014, they certainly will make their achievements evident should these projections be realized,” said National Corn Growers Association President Martin Barbre. “The projections issued today certainly recognize our efforts. While the crop outlook is robust, we approach it with cautious optimism. All of us have seen conditions change quickly and a crop shift course in a few short weeks. We cannot foresee what may come over the next few weeks, but we do know one thing for certain. U.S. farmers will remain diligent in our work, striving to produce that abundance for a world with constantly increasing food, feed and fuel needs.”

Total production forecasts remained unchanged from the prior month, projected at 13.9 billion bushels. This would mean a slight increase over last year’s production, which set the current production record. If achieved, the projected yield of 165.3 bushels per acre would set a new record. Notably, the record yield is still expected to offset the 3.7 million acre year-to-year decrease in acreage planted to corn.

U.S. corn use projections were also unchanged from one month prior and are still forecast to be two percent lower than the previous year. Demand by sector also remained unchanged.

Given the report’s overall stability, U.S. corn ending stocks projections also remained stable at 1.7 billion bushels. The season-average farm price, projected to be $3.85 to $4.55 per bushel, down from $4.50 to $4.80 the prior year.